BSP Requires UITF Marketing Personnel to be Certified

The Monetary Board approved the amendment of existing regulations to strengthen the qualification requirements of Unit Investment Trust Fund (UITF) Marketing Personnel. The new rule requires all personnel involved in the sales and marketing of UITF to be certified through a certification program administered by a reputable financial services industry association/organization acceptable to the Bangko Sentral.

The UITF Certification Program is a three-pronged process composed of a qualifying examination, a requirement for continuing education, and a requirement for registration to monitor and manage the certified UITF Marketing Personnel. Only personnel who pass the exam shall be conferred the title of Certified UITF Marketing Personnel. All Certified UITF Marketing Personnel shall also be required to undergo trainings/seminars/conferences annually to maintain an active status.

The UITF Certification Program is expected to further advance the quality of UITF Marketing Personnel and their sales and marketing practices. It will likewise ensure that the marketing personnel can provide sufficient information on UITF to clients, as well as promote delivery of safe and effective products and services.

To ensure orderly transition of existing UITF Marketing Personnel, the new rule includes a transitory provision which allows existing UITF Marketing Personnel to be certified under the Certification Program until 2021. Accordingly, UITF Marketing Personnel authorized to sell UITFs under the existing requirements, who shall undergo and fail to pass the certification program during the transitory period, will forfeit their existing qualification and will not be allowed to sell UITF until such time that they obtain the required certification.

Source: Bangko Sentral ng Pilipinas (BSP)

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